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Stockholm, February 17, 2016 — The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Nederman Holding AB (“Nederman”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”), and has therefore ordered Nederman to pay a fine of SEK 199.000, corresponding to one annual fee.

The case concerns Nederman’s violation of items 2.4.3, 3.2.1 and 3.1.5 of the Rule Book.

Nederman was due to publish its interim report at 12.00 p.m. on October 20, 2015. However, a news agency published information from the report shortly before 11:00 a.m. on the same day. This news agency had managed to access the interim report from Nederman’s website. After Nederman became aware of the leak, the report was published in a press release at 11.30 a.m. on the same day, after which the Exchange was contacted.

An investigation concluded that, as part of its preparations, Nederman had uploaded the report in such a manner that the report was hidden on the external website, but was available if the correct URL address was entered. Accordingly, a third party with knowledge of the structure and system applied by the company could easily access the report.

The Disciplinary Committee finds that the company, albeit unintentionally, violated items 2.4.3, 3.2.1 and 3.1.5. of the Rule Book, the stipulations of which include that information of this nature is to be made public in a prompt and non-discriminatory manner.

The Disciplinary Committee notes that the Exchange has, on repeated occasions prior to the event in question, provided warnings about this exact type of publication process applied by Nederman, citing the risk that third parties could access the information. In addition, the Disciplinary Committee maintains that Nederman should have informed the Exchange immediately after the leak was discovered.

The Disciplinary Committee believes that Nederman’s violation cannot be considered to be of a less serious nature or excusable and therefore orders Nederman to pay a fine of one annual fee to the Exchange.

A detailed description of the matter, and the Disciplinary Committee’s decision, have been published on:

Participating in the Committee’s decision were former Supreme Court Justice Johan Munck, Supreme Court Justice Marianne Lundius, Company Director Stefan Erneholm, Lawyer Wilhelm Lüning and Supreme Court Justice Ann-Christine Lindeblad.

About the Disciplinary Committee

The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or a listed company has acted in breach of the rules and regulations, the matter is reported to the Disciplinary Committee. The Exchange investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting. The fines that may be imposed range from one to 15 annual fees. The sanctions possible for Exchange Members are a warning, a fine or debarment. Fines paid are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market.

Members: Former Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Supreme Court Justice Ann-Christine Lindeblad, Company Director Erik Einerth, Company Director Stefan Erneholm and Company Director Anders Oscarsson. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets.  As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of over 8.8 trillion and more than 10,000 corporate clients. To learn more, visit

Media contact:Christina Malmberg Hägerstrand+ 46 8 405 65 83christina.hagerstrand       

Cautionary Note Regarding Forward-Looking Statements

The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

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